No new GM trucks and SUV's
#1
Team Owner
Thread Starter
No new GM trucks and SUV's
Wednesday, June 18, 2008
GM cancels full-size truck overhaul plan
Sharon Terlep / The Detroit News
General Motors Corp. has cancelled plans to re-engineer a next generation of full-size pickups and SUVs amid plummeting sales of large trucks, the automaker said today.
Instead of overhauling big trucks like the Chevrolet Silverado pickip and GMC Yukon SUV in a few years, GM will save money by improving on the current models launched in 2007.
"We're going to focus on improving the current trucks until we see where the market goes," GM spokesman Tom Wilkinson said.
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GM last month announced plans to idle four North American truck factories as part of restructuring moves designed to move away from a traditionally truck-heavy portfolio. As part of the plans, GM has said it will invest more in fuel-efficient cars and crossovers.
Reach Sharon Terlep at (313) 223-4686 or sterlep@detnews
I would like to hear plans for new Vette Platform if there is one, It may be a long stretch like the C4
GM cancels full-size truck overhaul plan
Sharon Terlep / The Detroit News
General Motors Corp. has cancelled plans to re-engineer a next generation of full-size pickups and SUVs amid plummeting sales of large trucks, the automaker said today.
Instead of overhauling big trucks like the Chevrolet Silverado pickip and GMC Yukon SUV in a few years, GM will save money by improving on the current models launched in 2007.
"We're going to focus on improving the current trucks until we see where the market goes," GM spokesman Tom Wilkinson said.
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GM last month announced plans to idle four North American truck factories as part of restructuring moves designed to move away from a traditionally truck-heavy portfolio. As part of the plans, GM has said it will invest more in fuel-efficient cars and crossovers.
Reach Sharon Terlep at (313) 223-4686 or sterlep@detnews
I would like to hear plans for new Vette Platform if there is one, It may be a long stretch like the C4
Last edited by John Shiels; 06-18-2008 at 07:38 PM.
#2
Team Owner
Thread Starter
More bad news
I see racing taking a huge hit soon from Ford Chrysler and GM..
Few years 5-6 ago they had 29%
Wednesday, June 18, 2008
GM share price hits 52-week low
Associated Press
DETROIT -- General Motors Corp. shares fell to a 52-week low Wednesday after a Deutsche Bank analyst lowered his sales forecast through 2010 and said the automaker will need further restructuring as customers continue to abandon its trucks and sport utility vehicles in favor of smaller cars.
GM shares fell nearly 7 percent to a 52-week low of $14.75 per share in morning trading before rallying to $14.95 in the early afternoon. The previous 52-week low was $15.50 per share.
Ford Motor Co. shares also fell 5 percent to $6.27 in afternoon trading, while shares of AutoNation Inc., the country's largest auto retailer, fell 5 percent to $12.89.
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Deutsche Bank analyst Rod Lache said in a note to investors that he expects total U.S. sales to fall to 14.5 million in 2008 from his previous estimate of 14.9 million. That's down from 17 million as recently as 2005. Lache cited the weak economy and high gas prices as well as falling residual values which are making it tougher to trade in vehicles.
Lache also lowered his 2009 and 2010 forecasts by 1 million vehicles each, to 15 million vehicles in 2009 and 16 million in 2010.
Lache said a mid-month check of dealers showed a significant decline in sales so far in June.
"In addition to weakening customer traffic, dealers report that they are now suffering from a mismatch between what consumers want to buy (small cars) and what they have in inventory(pickups and SUVs)," he said.
Lache said GM's U.S. market share is rapidly deteriorating and he predicts GM will need further restructuring and an infusion of cash in order to fund a turnaround. GM controlled 21 percent of the U.S. market in the first five months of this year, down from 23 percent in the same period last year.
"GM will need to present a credible restructuring plan in order to raise additional funds from banks and public investors," he said. "Given structural changes, we believe GM's plan will need to be aggressive, likely involving consolidation of brands and resizing the company's overhead to accommodate a smaller size."
A message seeking comment was left with GM.
GM said earlier this month it plans to close four pickup and SUV plants, affecting 8,350 jobs, and is evaluating the future of its Hummer brand, which is known for its gas-guzzling SUVs. GM also said it will bring a new small car to the U.S. market by 2010
Few years 5-6 ago they had 29%
Wednesday, June 18, 2008
GM share price hits 52-week low
Associated Press
DETROIT -- General Motors Corp. shares fell to a 52-week low Wednesday after a Deutsche Bank analyst lowered his sales forecast through 2010 and said the automaker will need further restructuring as customers continue to abandon its trucks and sport utility vehicles in favor of smaller cars.
GM shares fell nearly 7 percent to a 52-week low of $14.75 per share in morning trading before rallying to $14.95 in the early afternoon. The previous 52-week low was $15.50 per share.
Ford Motor Co. shares also fell 5 percent to $6.27 in afternoon trading, while shares of AutoNation Inc., the country's largest auto retailer, fell 5 percent to $12.89.
Advertisement
Deutsche Bank analyst Rod Lache said in a note to investors that he expects total U.S. sales to fall to 14.5 million in 2008 from his previous estimate of 14.9 million. That's down from 17 million as recently as 2005. Lache cited the weak economy and high gas prices as well as falling residual values which are making it tougher to trade in vehicles.
Lache also lowered his 2009 and 2010 forecasts by 1 million vehicles each, to 15 million vehicles in 2009 and 16 million in 2010.
Lache said a mid-month check of dealers showed a significant decline in sales so far in June.
"In addition to weakening customer traffic, dealers report that they are now suffering from a mismatch between what consumers want to buy (small cars) and what they have in inventory(pickups and SUVs)," he said.
Lache said GM's U.S. market share is rapidly deteriorating and he predicts GM will need further restructuring and an infusion of cash in order to fund a turnaround. GM controlled 21 percent of the U.S. market in the first five months of this year, down from 23 percent in the same period last year.
"GM will need to present a credible restructuring plan in order to raise additional funds from banks and public investors," he said. "Given structural changes, we believe GM's plan will need to be aggressive, likely involving consolidation of brands and resizing the company's overhead to accommodate a smaller size."
A message seeking comment was left with GM.
GM said earlier this month it plans to close four pickup and SUV plants, affecting 8,350 jobs, and is evaluating the future of its Hummer brand, which is known for its gas-guzzling SUVs. GM also said it will bring a new small car to the U.S. market by 2010
#3
Safety Car
I would think the big three would re-evaluate their position in NASCAR (about 140M ea.) now that the car of tomorrow bears no resembelence to the car of today you buy in the showroom. With truck sales going over Niagra Falls, how long can Truck Racing hang on (mini truck racing)?
#4
Team Owner
Thread Starter
They should leave Toyota racing Toyota. They have threaten it before but it may be a easy decision or one out of all there hands if they are needing loans.
#6
Melting Slicks
Member Since: Dec 2003
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I wonder if this will delay or end the release of the new 4.5 duramax into the suburban/h2/1500 trucks? I was hoping to see that released next year so I could trade up and then get an enclosed trailer
#7
Drifting
Member Since: Sep 2004
Location: Richmond Va
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Cruise-In VI Veteran
I know dealers are hurting and they are just about giving trucks away. Still want a little more than I have for what I want new. I was looking at used but new is coming into focus. I know new technology sells and all but does the truck truly need to be redesigned?
This maybe a bit off topic but I think its the answer. Want to see gas prices drop? I heard that prices are at least 40% overblown from speculators driving it up. I truly beleive that if we made the decision to dril, recover, and refine our own oil then the speculators would drop their prices tomorrow. Check this out http://www.americansolutions.com/
I think it the answer.
Bob
This maybe a bit off topic but I think its the answer. Want to see gas prices drop? I heard that prices are at least 40% overblown from speculators driving it up. I truly beleive that if we made the decision to dril, recover, and refine our own oil then the speculators would drop their prices tomorrow. Check this out http://www.americansolutions.com/
I think it the answer.
Bob
#10
L.P.
#12
Melting Slicks
Member Since: Sep 2006
Location: San Mateo CA
Posts: 2,173
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#13
Le Mans Master
I know dealers are hurting and they are just about giving trucks away. Still want a little more than I have for what I want new. I was looking at used but new is coming into focus. I know new technology sells and all but does the truck truly need to be redesigned?
This maybe a bit off topic but I think its the answer. Want to see gas prices drop? I heard that prices are at least 40% overblown from speculators driving it up. I truly beleive that if we made the decision to dril, recover, and refine our own oil then the speculators would drop their prices tomorrow. Check this out http://www.americansolutions.com/
I think it the answer.
Bob
This maybe a bit off topic but I think its the answer. Want to see gas prices drop? I heard that prices are at least 40% overblown from speculators driving it up. I truly beleive that if we made the decision to dril, recover, and refine our own oil then the speculators would drop their prices tomorrow. Check this out http://www.americansolutions.com/
I think it the answer.
Bob
#14
Former Vendor
Maybe they should just put normal wheels on. I maybe the only one that still thinks a truck should be a truck. Not a city cruiser blinged out with 20's. One hunting trip and no more pretty wheels.
Randy
Randy
#19
Le Mans Master
#20
Safety Car